Crude Oil WTI Futures Market News and Commentary
Sep WTI crude oil (CLU20) on Thursday closed down -0.24 (-0.57%), Oct Brent crude oil (CBV20) closed down -0.08 (-0.18%), and Sep RBOB gasoline (RBU20) closed up +0.0053 (+0.43%).
Energy prices on Thursday settled mixed. Crude prices erased a morning rally and closed lower on demand concerns. A decline in the dollar index to a fresh 2-year low on Thursday was supportive of energy prices, as was better-than-expected global economic data, which is positive for energy demand.
Crude prices fell back on concern that the U.S. economy and energy demand may suffer if lawmakers cannot quickly agree on a new virus aid package. Lawmakers have been in a stalemate all week as they try to strike a deal before a self-imposed deadline of Friday. Treasury Secretary Mnuchin said late Wednesday that "if we can't reach an agreement on the major issues, it's going to be hard to complete a deal."
On the negative side for crude, Saudi Arabia on Thursday cut its pricing for its main gr... Read more